MIRA INFORM REPORT
|
Report Date : |
30.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
TTU
INDUSTRIAL CORP., LTD. - 155091 |
|
|
|
|
Registered Office : |
4th Floor,
W.S. Tower, 395/5
Silom Road, Silom, Bangrak,
Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
03.07.1986 |
|
|
|
|
Com. Reg. No.: |
0105529022595 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
and Exporter of metal welding
fittings |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
TTU INDUSTRIAL CORP.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 4th FLOOR,
W.S. TOWER, 395/5
SILOM ROAD,
SILOM, BANGRAK,
BANGKOK 10500
TELEPHONE : [66] 2237-7225-40
FAX :
[66] 2236-6627,
2237-7241
E-MAIL
ADDRESS : sale001.ttu@ttugroup.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529022595
CAPITAL REGISTERED : BHT. 70,000,000
CAPITAL PAID-UP : BHT.
70,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMCHAI LOHASIRICHAI,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : METAL
WELDING FITTINGS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 3,
1986 as a
private limited company under the registered name TTU INDUSTRIAL CORP., LTD., by Thai groups, with the business objective
to manufacture and
distribute metal welding
fittings for industrial
sector. It currently
employs approximate 120
staff.
The
subject’s registered address
is 4th Flr.,
W.S. Tower, 395/5 Silom
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Lohasirichai |
|
Thai |
72 |
|
Mrs. Wanna Lohasirichai |
|
Thai |
- |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Somchai Lohasirichai is
the Managing Director.
He is Thai
nationality with the
age of 72
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing,
distributing and exporting
various kinds of
metal welding fitting, such as seamless fittings,
carbon steel fittings, butt-welding and
etc., mainly supply to
petrochemical, chemical and
construction industries.
PRODUCTION CAPACITY
12,000 metric
tons per year
PURCHASE
Most of raw materials are purchased from local suppliers, the remaining, as well
as machinery are imported from
Japan, U.S.A., and
Europe.
SALES
90% of the
products is sold
locally by wholesale
to manufacturers and end-users, the
remaining 10% is
exported to Canada.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject employs approximately 120 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
Factory
is located at
33 Moo 7,
Bangna-Trad Rd., K.M.
16, T. Bangchalong, A. Bangplee,
Samutprakarn 10540
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
500,000.
COMMENT
The
subject was formed in 1986 as
an manufacture, distribute and
export of metal welding fittings for
industrial users, such
as petrochemical, chemical and
construction industries. Its
products have been served to
domestic industrial sector.
Growth is related
to domestic consumption,
which is currently
improving.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 26,000,000 divided into 260,000
shares of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 40,000,000
on September 19,
1986
Bht. 60,000,000
on July 30,
1995
Bht. 70,000,000
on October 28,
1993
The
latest registered capital
was increased to Bht. 70 million, divided
into 700,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somchai Lohasirichai Nationality: Thai Address : 395/5
Silom Rd., Silom,
Bangrak, Bangkok |
308,699 |
44.10 |
|
Mrs. Wanna Lohasirichai Nationality: Thai Address : 124
Charoenkrung Rd., Taladnoi,
Samphantawong, Bangkok |
181,300 |
25.90 |
|
Ms. Paradee Lohasirichai Nationality: Thai Address : 124
Charoenkrung Rd., Taladnoi,
Samphantawong, Bangkok
|
70,000 |
10.00 |
|
Mr. Kajornsak Lohasirichai Nationality: Thai Address : 124
Charoenkrung Rd., Taladnoi,
Samphantawong, Bangkok |
70,000 |
10.00 |
|
Mr. Taweewat Lohasirichai Nationality: Thai Address : 124
Charoenkrung Rd., Taladnoi,
Samphantawong, Bangkok |
70,000 |
10.00 |
|
Mr. Ho Jib Fung
Nationality: Chinese Address : 124
Charoenkrung Rd., Taladnoi,
Samphantawong, Bangkok |
1 |
- |
Total Shareholders : 6
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Araya Mahavanich No.
4995
BALANCE SHEET [BAHT]
The latest financial figures published for December 31, 2010 & 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
597,879.70 |
1,422,259.43 |
|
Trade Accounts Receivable |
28,305,723.52 |
24,236,150.73 |
|
Short-term Loan to Person
or Related Company |
40,380,000.00 |
33,080,000.00 |
|
Inventories |
50,101,314.27 |
52,483,604.85 |
|
Other Current Assets |
5,299,164.09 |
2,995,461.27 |
|
|
|
|
|
Total Current Assets
|
124,684,081.58 |
114,217,476.28 |
|
Cash at Bank
pledged as a
Collateral |
15,042,181.46 |
15,442,159.00 |
|
Fixed Assets |
17,861,158.54 |
17,658,531.42 |
|
Total Assets |
157,587,421.58 |
147,318,166.70 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institute |
69,668,440.97 |
57,419,690.99 |
|
Trade Accounts Payable |
10,096,590.10 |
11,742,993.69 |
|
Current Portion of Long-term Loans |
4,671,858.05 |
5,040,000.00 |
|
Current Portion of Hire-purchase Payable |
150,000.00 |
150,000.00 |
|
Other Current Liabilities |
9,653,270.25 |
5,950,701.86 |
|
|
|
|
|
Total Current Liabilities |
94,240,159.37 |
80,303,386.54 |
|
Long-term Loan |
- |
4,203,999.03 |
|
Hire-purchase Payable |
112,500.00 |
262,500.00 |
|
Total Liabilities |
94,352,659.37 |
84,769,885.57 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 700,000 shares |
70,000,000.00 |
70,000,000.00 |
|
|
|
|
|
Capital Paid |
70,000,000.00 |
70,000,000.00 |
|
Retained Earning-
Unappropriated |
[6,765,237.79] |
[7,451,718.87] |
|
Total Shareholders' Equity |
63,234,762.21 |
62,548,281.13 |
|
Total Liabilities & Shareholders' Equity |
157,587,421.58 |
147,318,166.70 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales Income |
200,264,727.67 |
176,895,281.88 |
|
Other Income |
7,252,204.59 |
7,222,962.80 |
|
Total Sales |
207,516,932.26 |
184,118,244.68 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
175,425,574.29 |
147,239,926.19 |
|
Selling Expenses |
20,207,887.05 |
14,107,580.71 |
|
Administrative Expenses |
6,005,638.59 |
8,193,227.43 |
|
Other Expenses |
- |
8,570,343.53 |
|
Total Expenses |
201,639,099.93 |
178,111,077.86 |
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
5,877,832.33 |
6,007,166.82 |
|
Financial Cost |
[4,317,191.16] |
[4,593,428.77] |
|
Profit / [Loss] before Income
Tax |
1,560,641.17 |
1,413,738.05 |
|
Income Tax |
[874,160.09] |
[1,376,688.62] |
|
|
|
|
|
Net Profit / [Loss] |
686,481.08 |
37,049.43 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.32 |
1.42 |
|
QUICK RATIO |
TIMES |
0.74 |
0.73 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.21 |
10.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.27 |
1.20 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
104.24 |
130.10 |
|
INVENTORY TURNOVER |
TIMES |
3.50 |
2.81 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
51.59 |
50.01 |
|
RECEIVABLES TURNOVER |
TIMES |
7.08 |
7.30 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
21.01 |
29.11 |
|
CASH CONVERSION CYCLE |
DAYS |
134.83 |
151.00 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
87.60 |
83.24 |
|
SELLING & ADMINISTRATION |
% |
13.09 |
12.61 |
|
INTEREST |
% |
2.16 |
2.60 |
|
GROSS PROFIT MARGIN |
% |
16.02 |
20.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.94 |
3.40 |
|
NET PROFIT MARGIN |
% |
0.34 |
0.02 |
|
RETURN ON EQUITY |
% |
1.09 |
0.06 |
|
RETURN ON ASSET |
% |
0.44 |
0.03 |
|
EARNING PER SHARE |
BAHT |
0.98 |
0.05 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.49 |
1.36 |
|
TIME INTEREST EARNED |
TIMES |
1.36 |
1.31 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
13.21 |
|
|
OPERATING PROFIT |
% |
(2.15) |
|
|
NET PROFIT |
% |
1,752.88 |
|
|
FIXED ASSETS |
% |
1.15 |
|
|
TOTAL ASSETS |
% |
6.97 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
16.02 |
Impressive |
Industrial
Average |
15.14 |
|
Net Profit Margin |
0.34 |
Deteriorated |
Industrial
Average |
4.10 |
|
Return on Assets |
0.44 |
Deteriorated |
Industrial
Average |
4.64 |
|
Return on Equity |
1.09 |
Deteriorated |
Industrial
Average |
9.15 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The
company’s figure is 16.02%. When
compared with the industry average, the ratio of the company was higher, this
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.34%.
When compared with the industry average,
the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is 0.44%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is 1.09%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.32 |
Impressive |
Industrial
Average |
1.32 |
|
Quick Ratio |
0.74 |
|
|
|
|
Cash Conversion Cycle |
134.83 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 1.32 times in 2010, decrease from 1.42 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.74 times in 2010,
increase from 0.73 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash is
tied up in the production and sales process of its operations and the benefit
from payment terms from its creditors. It meant the company could survive when
no cash inflow was received from sale for 135 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Acceptable |
Industrial
Average |
0.48 |
|
Debt to Equity Ratio |
1.49 |
Risky |
Industrial
Average |
0.83 |
|
Times Interest Earned |
1.36 |
Deteriorated |
Industrial
Average |
3.77 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is using
less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.37 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.6 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.21 |
Impressive |
Industrial
Average |
2.02 |
|
Total Assets Turnover |
1.27 |
Impressive |
Industrial
Average |
1.10 |
|
Inventory Conversion Period |
104.24 |
|
|
|
|
Inventory Turnover |
3.50 |
Acceptable |
Industrial
Average |
4.78 |
|
Receivables Conversion Period |
51.59 |
|
|
|
|
Receivables Turnover |
7.08 |
Impressive |
Industrial
Average |
4.93 |
|
Payables Conversion Period |
21.01 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.93 |
|
UK Pound |
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.